Market Trends of Warranty Management System Industry
This section covers the major market trends shaping the Warranty Management System Market according to our research experts:
Cloud Segment is Expected to Hold Significant Share
- Implementing a warranty management system on the cloud provides a high intensity of scalability, flexibility, and sharing capabilities with defined authority. The players are leveraging this opportunity to penetrate the market further, which is analyzed to proliferate the market over the forecast period.
- The proliferation of connected/smart devices and sensors that comprise the Internet of Things (IoT), as well as the amounts of metadata generated by different machine-to-machine (M2M) communications networks, may offer manufacturers a new level of insight needed to intelligently update the warranty claims process and deliver a seamless customer experience.
- With advancements in the global manufacturing sector with Industry 4.0 and concepts, such as the Industrial Internet of Things (IIoT), the service providers have a massive opportunity to expand their business over the forecast period. The convergence of various technologies in the manufacturing sector, such as predictive analytics, Big Data, cloud computing, digital twin, and smart factories, may also drive the adoption of cloud-based warranty management systems.
- The cloud-based IoT platform enables actions to be taken from the collected data, such as predictive modeling, simulation, test hypothesis, and reporting. The leading industry players are offering cloud-based solutions that could boost market growth over the forecast period.
- In addition, organizations actively invest in cloud computing across various industries, which is expected to positively impact market growth over the forecast period. For instance, according to the Platform9 report, in 2022, single public (32.1%), hybrid (29.8%), and on-premises clouds (14.1%) were organizations' dominant environments to run their workloads.
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North America to Hold Significant Share in the Market
- North America is one of the leading markets in terms of adopting warranty management systems across significant end users. The region is also witnessing healthy growth due to the rising acceptance of data security among small- and medium-scale firms. In addition, the presence of major market vendors in the region and continuous innovation in their market offerings resulted in the growing demand for warranty management systems in the region.
- The major trends that are responsible for the growth of the warranty management system market in the region include the growing number of smart devices and the increase in the adoption of intelligent residential devices, which contain audio and video devices, as well as wearables and smart home devices, which creates the adoption of a warranty management solution to provide the best customer experience.
- Therefore, the proliferation of digital services and technological advancements, coupled with the early adoption of the latest technologies such as cloud computing, AI, IoT, and ML in various sectors, supplement the market growth in the region. Warranty management companies in the region are also using data analytics and AI throughout their warranty procedures to improve product quality by identifying defect patterns, improving claims screening, and end-to-end control of supplier chargebacks.
- In addition, the region is also experiencing many investments and technological advancements in warranty management systems. The adoption of a warranty management system in retail space is also emerging. There is a vast shift to organized retail to improve customer behavior experience through analytics applications.
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